What's Trending For New Financial Planners

What’s Trending for New Financial Planners (November 2023)

“What’s Trending for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more.

Michael Kitces and Alan Moore cover the latest findings from XYPN’s 2023 benchmarking study including what to expect during your first few years and how specializing or “niching” can provide a big advantage after year 3 [Podcast with Transcript or Video]:

[Kitces] “We’ve seen this for a long time, having grown multiple businesses. I did an article about this back I want to say like 2015 or 2016 on the blog of, ‘Why it takes three years before your business gets going’ and it’s true. I mean, even I’ve done it in other, other segments of the world.

It’s always three years. It’s kind of aggravating. A little frustrating. You’re in year four going like, ‘Where were you? Where were you in year two? I could have really used your revenue.’ But I think there’s just this phenomenon of it takes a certain amount of time. You have to be known, liked, and trusted to, for people to want to do business with you. And just it takes time to be known, and liked, and trusted.”

XYPN’s 2023 Benchmarking Study Highlights LIVE [Alan Moore & Michael Kitces, XYPN Radio]

Ross Marino on a common misconception from new financial advisors, what human-first financial advice means, and more [Video]:

Shifting To A Human Approach [Candice Carlton & Megan Carpenter, The New Skool]

How to help clients overcome “temporal discounting” and implement more recommendations [Article]:

“Judging by the number of articles on why clients don’t follow your advice, the problem is widespread. One study (discussed here) found that actions didn’t match good intentions. Only 14% of those who planned to increase their savings rate did so.

Typically, the culprit is attributed to the poor communication skills of the advisor, resulting in the client having a lack of trust, or the client succumbing to behavioral biases (often overconfidence and confirmation bias) and feeling overwhelmed.

Based on my research, advisors are being unfairly blamed for these issues.

The problem is the client’s brain and our lack of understanding of how it functions.”

A Subtle Way To Get Clients To Follow Your Plan [Dan Solin, Advisor Perspectives]

Caleb Brown with tips on how to answer two of the most common interview questions in ways that are memorable and reinforce your value:

If you ever experience anxiety around test-taking or work-related pressures, how to manage it to an “optimal” level [Podcast]:

“There’s so much that people can do to help manage it. But it really is attending to and knowing there are tools and how to apply them. I find sometimes it’s hard for people to do that when they’re working to learn so much material, that it feels like ‘No, I just need to focus on this.’ When, taking that time to attend to the performance aspect and the psychological can make such a profound difference in how they do perform and make the process less painful.”

Anxiety & Success: A Complex Relationship (With Dr. Jennifer Serlin) [Jerry Mee & Adam Scherer, BIF Bites]

A client or prospective client who feels heard can quickly set you apart from other advisors. Dr. Joy Lere on how to become a better listener [Article]:

“For centuries, we have praised gifted orators. There are scores of books, classes, and training resources to help you be a stronger speaker. But when it comes to effective communication, we’ve got it backward. Our power isn’t in the charisma of what we say. The real magic happens when we listen well. The best communicators aren’t the people who sound the most polished. They’re the ones who know how to shut up.

There’s nothing sexy about the skill of listening. It’s not how you win over a crowd. Good listening won’t make you famous, but it can make you unforgettable. If you can listen to someone in a way that leaves them feeling understood, you will stand out because, unfortunately, excellent listening is so rare.”

Drop The Mic [Dr. Joy Lere, Finding Joy]

Which was your favorite takeaway? Comment below!

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